2016 Civics Final Exam

A surplus happens when...

One of the physical properties of money is 

An externality is a side effect of a transaction that affects

A business owned and managed by a single person 

A supermarket running out of bananas is an example of 

A shortage of a particular good is often a signal for a producer to 

Expansionary monetary policy is sometimes called

A merger happens when one company

The biggest problem associated with representative money is 

Two factors that are necessary for demand are

All interactions that occur in a market economy can be found in what

Women tend crops and raise children while men hunt is often found in which economic system

A specific region in which trade between nations takes place without protective tariffs

Which of the following often happens during a contraction

When a nation’s economy nationalizes it changes from 

Absolute loyalty to the people in power is required in which system

Public goods are funded by 

A business operated for the shared benefit of its owners, who are also its customers

The value of what you give up by choosing one alternative over another is called

A provider of goods and services

Any law passed to limit free trade between nations is called a trade

Trade barriers tend to

A need is fulfilled by...

The market value of all final goods and services produced within a nation in a given time

Taxes on imports which are levied specifically to raise money 

Monopolists are able to control prices because they have

The four Factors of Production

In a market economy, the real power in the market place is held by 

A society that has public schools and ownership of private property has elements of both

Twelve regional banks with a central decision-making board

Harvest-time customs represents the influence of which type of economy

The rate of change in prices over a set period of time

Money whose value is based on the type of material from which it is made is called

An example of intellectual property is a(n)

An extended period of high unemployment and limited business activity

If a company controls a specific process for making windows, it has a 

Which of these would be included in the GDP of the United States for 2006

Contractionary monetary policy is sometimes called

One of the economic properties of money is 

An example of real capital is

Equilibrium price is the price at which quantity demanded and quantity supplied are

Human time, effort, and talent that go into the making of products

The willingness and ability of producers to offer goods and services for sale